Inspired by "Be Strategic About Your Time" by Rita McGrath (May 7, 2008)

In today’s fast-paced professional world, it often feels like we’re constantly chasing time. As a Chartered Accountant, I’ve seen how easily a day can be consumed by back-to-back meetings, endless emails, and an ever-growing task list. But amidst this whirlwind of activity, the real challenge lies in identifying whether the work we’re doing is actually *value-added* or simply keeping us busy.

Rita McGrath, a prominent strategist from Columbia Business School, aptly describes this dilemma. She refers to studies by former Harvard Business School professors Steven Wheelwright and Kim Clark, who observed a sharp decline in productive, value-added time when people juggle too many projects. Once involved in more than two projects, people’s focus and output drop significantly – with those handling seven projects seeing a drop to a mere 15% of their time being productive.

This resonates deeply in the accounting profession, where it’s easy to overcommit in the name of multitasking or trying to deliver more value to clients. However, taking on too much can often mean achieving less.

So, how do we focus on value-added tasks? 

Here are a few strategies inspired by McGrath’s ideas, supplemented with practical experiences from my own career:

1. Screen Your Projects and Commitments

Just like we evaluate investments in business, we need to apply a filtering mechanism to our commitments. Develop a scorecard to assess the value of each task or project. For instance, when I take on new clients, I have a checklist of criteria—aligning with my business goals, ease of execution, and long-term value. This helps me prioritize effectively and avoid spreading myself too thin.

2. Close One Project Before Starting Another

  The temptation to jump into new opportunities is high, but it’s important to close ongoing projects first. During my earlier years as a Chartered Accountant, I often found myself starting multiple initiatives at once, but this often led to delays and unnecessary stress. Now, I ensure that projects are wrapped up with clear outcomes before moving on to the next.

3. Set Time Aside for Strategic Thinking

It’s crucial to carve out time for tasks that are important but not urgent. McGrath mentions one of her clients who schedules meetings with a mythical person named “Joe” for thinking and reflection. As a professional, this has been one of my most powerful habits. Allocating undisturbed time for reflection or strategizing helps you align your daily activities with your bigger goals.

4. Limit Email Check-ins

  Checking emails constantly can be a major distraction. I’ve adopted a routine similar to what McGrath suggests: limiting email check-ins to two dedicated times a day. It not only saves time but allows for more focused work during the rest of the day.

5. Communicate Tradeoffs

Often, excessive workloads stem from external pressures. For instance, a client’s request might seem urgent, but if you communicate the impact of tradeoffs effectively (e.g., “If I take this on today, we might delay other key deliverables”), it can lead to more reasonable expectations.

6. Align Your Time with Strategic Priorities

Always ask yourself: *Is this task driving my core goals?* I’ve often found myself spending time on activities that weren’t aligned with my long-term priorities. Whether it’s building client relationships or personal skill development, the time you spend should match your strategic focus.

7. Question the Value of Every Activity

Not everything needs to be done. One of the most important questions I’ve learned to ask myself is: *What would happen if I didn’t do this?* You’d be surprised how many tasks turn out to be less critical than they initially seem.

Personal Reflection:

In my own journey as a Chartered Accountant and CEO, these strategies have proven invaluable. Early on, I made the mistake of overcommitting and found myself constantly putting out fires. Over time, I realized the importance of stepping back, evaluating each task’s real value, and making more strategic choices about where to invest my time.

One memorable story I can share involves a period when my team and I were overloaded with multiple client audits. Instead of progressing efficiently, we hit several bottlenecks, and client satisfaction dropped. It wasn’t until I applied these principles—focusing on fewer, high-value projects—that we regained our momentum. That experience taught me that quality and focus often outweigh quantity.

Time management is an ongoing challenge, but by being strategic about it, we can reclaim our productivity and ensure that the hours we put in are truly impactful.

Credits to Rita McGrath for her original article that served as inspiration for these insights. She is a Professor at Columbia Business School and the author of "The End of Competitive Advantage" and "Seeing Around Corners."